The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over the impact of rising borrowing costs on Nigerian businesses. The chamber’s president, Gabriel Idahosa, made the remarks during a recent LCCI quarterly economic outlook presentation. According to Idahosa, Read more…
The Dangote Refinery in Nigeria has emerged as the biggest refinery in Africa and potentially Europe, according to a report by Bloomberg. With a processing capacity of 650,000 barrels of crude oil per day (bpd), the $20 billion facility surpasses Read more…
President Bola Tinubu has authorised the commencement of the first phase of the Consumer Credit Scheme. Consumer credit stands as the cornerstone of modern economies, empowering individuals to improve their standard of living by accessing goods and services upfront and Read more…
The Economic and Financial Crimes Commission (EFCC) is setting its sights on hundreds of alleged forex racketeers operating on peer-to-peer (P2P) platforms. This move comes amidst a wider government crackdown on cryptocurrency and unregulated forex activity. EFCC Chairman, Ola Olukoyede, Read more…
The Federal Ministry of Finance announced the recovery of over N57 billion from a staggering N5.2 trillion debt owed by Ministries, Departments, and Agencies (MDAs) to the government. This revelation came during a workshop on debt recovery held in Enugu Read more…
The Nigerian power sector is set for a significant shakeup as the Federal Government (FG) announced plans to sell off five electricity Distribution Companies (DisCos) currently managed by the Asset Management Corporation of Nigeria (AMCON) and banks within the next Read more…
In a move likely to bring relief to Nigerians grappling with high fuel costs, Aliko Dangote, CEO of Dangote Group, hinted at a significant nationwide reduction in diesel prices. During a recent interview with journalists in Gombe, Dangote suggested that Read more…
Nigeria’s economic outlook received a boost with the announcement of a $2.2 billion loan from the World Bank and additional budget support from the African Development Bank (AfDB). The news came from Finance Minister Wale Edun during a press briefing Read more…
A recent report by the Joint Organisations Data Initiative (JODI) paints a concerning picture of the global oil market. According to the data, global crude oil production dipped by 1.2 million barrels per day (mbpd) in February compared to the Read more…
President Bola Tinubu has commended the enterprising feat of Dangote Oil and Gas Limited in reducing the gantry price of Automotive Gas Oil (AGO), known as diesel. The Group recently reviewed downwards the gantry price of AGO from N1,650 to Read more…
